China Fortune Land Development (SHA:600340) completed 22.3 billion yuan in trust debt-for-debt transactions, according to a Wednesday filing with the Shanghai bourse..
As part of its debt restructuring, the property developer established a trust using assets from its subsidiary, Gu'an Information Consulting, including all the equity in Yunuojin and associated debts worth 25.6 billion yuan.
The work of the remaining 1.65 billion trust shares for debt-for-debt transactions is still in progress.
Shares of China Fortune Land Development rose 1% in recent trade.
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